GIC forms JV for residential investments in India
Singapore’s sovereign wealth fund GIC, through an affiliate company, announced a partnership with Bangalore, India–based developer Brigade Group to jointly invest up to Rs 15 billion ($247 million) in residential developments in various cities of South India. The joint venture aims to acquire land for residential and mixed-use developments in cities primarily where the demand for high-quality residential units is high.
This is not GIC’s first partnership with Brigade Group. In 2012, GIC's affiliate Reco Begonia entered into a partnership with Brigade Enterprises to develop a premium residential project on the plot at Whitefield Main Road in Bangalore. The partners purchased the property from FMCG major Hindustan Unilever for Rs 1.25 billion ($20.6 million).